Please find enclosed transcript of earnings call for the half year and year ended March 31, 2026.
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Meta Infotech reported FY26 revenue of INR270 crores, up 23% year-on-year, with H2 FY26 revenue at INR60 crores (up 72% YoY). However, EBITDA fell to INR18 crores from INR25 crores, and PAT dropped to INR11 crores from INR14 crores, as the company made heavy investments in leadership hiring, geographic expansion (Delhi, Bangalore, Chennai, Hyderabad), and onboarding 12 new cybersecurity vendors. Order book stood at INR506 crores as of May 2026, about 1.9x of FY26 revenue, providing strong revenue visibility. Management outlined an aspirational target of 4x PAT growth from FY26 to FY29, with PAT margins guided to expand to 10%+, driven by a shift toward higher-margin cybersecurity services. Profitability was also hit by a one-time vendor disruption (Imperva's acquisition by Thales) which cost around INR8-10 crores in expected revenue, and currency conversion losses on a large USD-denominated order.
Short-term earnings are weaker due to upfront investment costs, but the strong 1.9x order book and clear medium-term PAT growth target (4x by FY29, margins to 10%+) give shareholders comfort that current margin compression is intentional and should reverse from FY27 onward, potentially supporting a re-rating if execution delivers.